The Internal Revenue Service (IRS) reports that over $1 billion in tax refunds from the 2020 tax year remain unclaimed, urging taxpayers to take action before the extended deadline of May 17. Across the United States, an estimated 940,000 individuals have yet to file their 2020 tax returns, with over 10,000 people in Nevada alone falling into this category.

Taxpayers who missed filing their 2020 taxes still have an opportunity to claim their refunds. The average refund amount per person is approximately $900, according to tax expert Mark Steber. However, he suggests that this figure may be a conservative estimate due to various circumstances, especially considering the impacts of the COVID-19 pandemic on taxpayers’ job situations.

Many low- and moderate-income workers may also be eligible for the Earned Income Tax Credit, which could result in additional significant refunds depending on income and family size.

Filing a 2020 tax return is a straightforward process, although seeking advice from a tax professional is recommended, especially for those missing important documents. Taxpayers can obtain copies of necessary documents from their employers or utilize resources provided by the IRS, such as online transcripts. Form 4506-T can also be submitted to request a wage and income transcript from the IRS.

Current and past tax forms, including those for the 2020 tax year, along with instructions, are available on IRS.gov. While the deadline to file 2023 taxes is Monday, April 15, taxpayers have until May 17 to submit their 2020 tax refund claims.

With billions of dollars in unclaimed refunds at stake, taxpayers are encouraged to take advantage of this opportunity before the deadline passes.